The Bank for International Settlements’ (BIS) FX Working Group formally launched the full version of the FX Global Code of Conduct today in London, following the release of stage one in New York last year.
The Foreign Exchange Professionals Association (FXPA) welcomes the release of the Global Code for the wholesale foreign exchange market, which was published this morning in London.
In addition to the Code, central bank governors under the auspices of the Bank for International Settlements have formally announced the formation of a Global FX Committee (GFXC), with the Bank of England’s head of markets, Chris Salmon, at the helm.
Along with today’s launch of the full Code, the FX Working Group (FXWG) has also published its Blueprint for Achieving Adoption, in which it lays out four key tenets.
There is one area of the Global Code of Conduct that continues to attract controversy, and, Colin Lambert says, we all know what it is…
Guy Debelle, deputy governor of the Reserve Bank of Australia and chair of the FX Working Group responsible for producing the Global Code, discusses his hopes and ambitions for the much-awaited document with Colin Lambert.
The Code is very much a first line of defence in my view and may save the industry a lot of further angst.
‘We got a little cartel really brewing,’ a trader wrote, according to DFS transcript.
A dovish Fed and a dollar retreat boosted emerging markets, with stocks approaching two-year highs and the yuan scaling a two-month peak a day after a credit ratings downgrade.
It was supposed to be a year of risk that could lead to a break up of the euro. It’s turning out to be the best year in a decade for the shared currency.
Chinese state-owned banks sold dollars in the onshore foreign exchange market five traders said, pushing the yuan to its strongest level in nearly two months.
Traders looking to tap into rising oil prices would be wise to bet on the Canadian dollar, which is under-appreciated compared with its commodity-currency counterparts, Goldman Sachs said.
European Union countries fighting to host the bloc’s top financial regulator and drugs watchdog will vote in a secret ballot as the continent’s capitals compete over Brexit spoils.
The “big bang” the financial industry feared when the European Union’s overhaul of financial-trading rules takes effect in January may turn out to be more of a soft launch.
Regulatory heads at JP Morgan and BNP Paribas recommend regulatory recess.
Dealers warn of market disruption if trades lacking new CSAs are terminated before September 1.
Ray Lucia says the way the commission hires judges is unconstitutional.
US bank Citi held on to top spot in the foreign exchange industry’s main annual ranking of traders by volume despite losing around two percent in market share, results showed.
The trial of six former Barclays and Deutsche Bank traders charged with manipulating a key interest-rate benchmark will be postponed to January from September, a London judge ruled.
FIA PTG argues that the proposed rules would present a significant and unnecessary barrier to entry that would likely render it too costly for many existing and aspiring swap dealers to continue providing this service.
The market capitalization of digital currencies has soared over 50 percent to more than $90 billion in the past seven days as the frenzy around cryptocurrencies reaches a fever pitch.
Mexican Peso Hits Strongest Level Against Dollar Since Wake of Election – Financial Times (subscriptionThe Mexican peso rallied to its strongest level against the buck since the US election, in the latest sign that investor sentiment on the country is brightening.
Asian currencies were firm after the minutes of the US Federal Reserve’s last meeting showed policymakers favouring a gradual approach to interest rate hikes, with the yuan hitting two-month highs on state-driven dollar selling after Moody’s downgraded China’s debt ratings.
The South African rand has strengthened past 13 per dollar for only the second time since Jacob Zuma sacked his finance minister in March, after reports suggested the president himself could be on the way out amid growing pressure from within the ruling African National Congress.